Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Receipt of huge share premium doesn't mean that it is unexplained cash credit; reassessment sets aside

Mere fact that a sizeable sum in nature of share premium was received would not automatically mean that same was artificially increased; initiation of reassessment on basis of this reason was not proper

Refer:[2016] 71 taxmann.com 326 (Gujarat)

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